Here’s What The IOTA Update Means For You

IOTA is a new, open-source, distributed ledger cryptocurrency, but issues have persisted.

The DAG-based crypto will soon see some major updates to its network. IOTA is famous for using a “leaderless consensus” model, which create multiple versions of the ledger—one for each node on the network.

These ledgers can and do conflict with each other at times, but this is all a part of IOTA’s framework, and does not hamper the network.

The new update will see a slew of functionality come to the network including NFT output, aliases, and a variety of other token features.

At the time of this writing IOTA is currently trading at $1.31, as the price has not responded to the bullish news of this new update.

Here’s what we currently know about IOTA’s latest update:

The IOTA 2.0 DevNet upgrade with the first version of On Tangle Voting is complete.

OTV is our groundbreaking new consensus model.
✅Near-instant confirmation times
✅Robust and scalable
✅Nakamoto consensus on a DAG

Let’s celebrate a very important milestone for #IOTA.

— IOTA (@iota) November 5, 2021

New article: "#IOTA multi-asset multiverse is coming! Huge implications for its tokenomics"

Learn what tokenization and dust protection mean for future IOTA token demand!

Reddit: https://t.co/dbZm3an2wi

Medium:https://t.co/5vBjrMp6Ty@DomSchiener @der_muXxer @Vrom14286662

— Linus Naumann (@LinusNaumann) November 5, 2021

AMB Crypto had this to say:

The tokenization update also comes together with a second update called “Dust protection.” It will combine almost every use of the IOTA network to the IOTA token — while remaining feeless.

However, this “feeless” approach leads to a unique problem. Especially when someone uses IOTA’s feeless protocol to simply take 1 MIOTA (1 million IOTAs, currently worth around $1.30) and send each IOTA to 1 million individual UTXOs on the Tangle.’

 

Very exciting update ahead. The #IOTA #Identity team has already been discussing how this update enables a second Identity type that is always available at every node, at the "cost" of staking IOTA. This resolves the (selective) permanode requirement that Identity currently has. https://t.co/0XT6JAcmkl

— Jelle Millenaar (@JelleFm) November 4, 2021

#IOTA 1D update https://t.co/BWM9YKiV91 pic.twitter.com/vOuVWSYUn4

— MerGa-NN (@merga_nn) November 2, 2021

Linus Naumann had more via his Medium page:

Now we come to the juicy part. ExtendedOutputs will vastly extend the functionality of the IOTA network. It will transform from a single-asset ledger without NFTs or smart contracts to a literal multi-asset multiverse and utility-beast. 

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